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Brisbane house price growth set to slow as unemployment and interest rate rises begin to bite

first_imgBrisbane home values are set to slow over the next two years. Picture: Darren England.Ms Dabbs said the property slowdown was set to occur across the country over the next two years.Home values across the capital cities are tipped to rise 5.6 per cent nationally in 2017, compared with 7.9 per cent in 2016, according to the report.“Although Queensland’s economy is doing relatively well, we’re seeing tighter lending criteria from the regulator and that’s likely to limit growth,” she said.“We’re also expecting in 2018 a further slowdown driven by a likely increase in interest rates.”She said Moody’s was expecting the Reserve Bank of Australia to increase interest rates in 2018, but it was likely the major banks would continue to raise rates out of step with the RBA.The CoreLogic-Moody’s Analytics Australian Home Value Index Forecast provides a quarterly projection of residential home values across the country over the next 10 years. Hobart is predicted to lead the country when it comes to price growth in 2017, with home values tipped to rise by 9.2 per cent. Brisbane home values are set to slow in next two years. Pic Darren England.BRISBANE home values will hit the brakes this year as the mining slowdown continues to weigh on jobs growth, according to the CoreLogic-Moody’s Home Value Index Forecast.The report predicts house prices in the city to grow by 3.3 per cent in 2017, after rising 4.5 per cent the year before.In 2018, Brisbane houses are tipped to rise in value by just 1.2 per cent.Moody’s is partly blaming the Brisbane market cool-off on a slowdown in mining activity, which it says is driving the jobless rate higher and resulting in a slump in private investment. Queensland’s unemployment rate is currently the highest in the country at 6.7 per cent, according to the latest Bureau of Statistics data.Apartment values are set to slow more sharply than house values and are predicted to remain flat in 2017, according to the report. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE “A lot of that has to do with supply coming on line in the next 12 to 24 months,” Moody’s Analytics economist Emily Dabbs said.But the outlook for the state is brighter, with Moody’s predicting the property market to recover from 2018 onwards, supported by population growth, rising tourism and higher coal prices.Moody’s forecast is more optimistic than National Australia Bank’s, with its latest Residential Property Survey predicting Brisbane house prices to rise by just 1 per cent this year.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020 These are the Queensland areas tipped for above average property price growth last_img read more

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